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Long-Term Financing (Tables) | 12 Months Ended
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May 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt, at amortized cost, consisted of the following as of:
|  | May 31, |
In millions |  | 2024 |  |  | 2023 |
Senior Notes, Series A |  | $ |  | 400.0 |  |  | $ |  | 400.0 |
Senior Notes, Series B |  |  |  | 400.0 |  |  |  |  | 400.0 |
Total long-term borrowings |  |  |  | 800.0 |  |  |  |  | 800.0 |
Less: Debt issuance costs, net of accumulated amortization |  |  |  | (1.4 | ) |  |  |  | (1.8 | )
Long-term borrowings, net of debt issuance costs |  | $ |  | 798.6 |  |  | $ |  | 798.2 |
Certain information related to the Senior Notes, Series A and Senior Notes, Series B (collectively the “Notes”) issued pursuant to the Note Purchase and Guarantee Agreement (the “Agreement”) for fiscal 2024 and fiscal 2023 are as follows:
|  | Senior Notes |  | Senior Notes
|  | Series A |  | Series B
Stated interest rate |  | 4.07% |  | 4.25%
Effective interest rate |  | 4.14% |  | 4.31%
Interest rate type |  | Fixed |  | Fixed
Interest payment dates |  | Semi-annual, in arrears |  | Semi-annual, in arrears
Principal payment dates |  | March 13, 2026 |  | March 13, 2029
Note type |  | Unsecured |  | Unsecured

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